Sunday, July 29, 2018

USOIL - 30 July 2018

  • Dollar
  • Oil

Fundamental Highlights

While the US President's aggressive threats on Iran were mostly shrugged off, the bulls will likely be emboldened by tighter inventories and ARAMCO's decision to temporarily halt shipping through the Bab el Mandeb Strait following Houthi attacks on oil tankers, the Crude oil bears are still taking control on the short term with the help of a strong US Dollar.

Technical Analysis

Crude oil is still capped between the $69.80 and $68.20 with a bias to the upside. Once the black gold finds momentum again the price will hold above the $69 level and will push higher to break the $70 resistance level.

Support: 67.72 66.88
Resistance: 69.30 70.80

Chart (H1)